Pillar Capital, an investment advisor specialising in Insurance-Linked Securities (ILS), aimed to enhance efficiency by replacing manual spreadsheet processes with an automated database system. This case study examines how automating data consolidation and reporting improved operational effectiveness and facilitated the onboarding of new investments.
Pillar Capital relied heavily on manual spreadsheet processes to manage their financial data, resulting in inefficiencies and increased risks of errors.
As the spreadsheets grew, they became unwieldy and unstable, hindering productivity and data accuracy.
Users had to manually copy and paste financial values across spreadsheets, a process prone to human errors and delays.
Pillar Capital needed a solution that consolidated calculations in one central place and provided an audit trail for data inputs and executions.
Integration with their source system, PROS, was crucial for seamless data management.
A rules-based calculation and allocation engine automating premium ceded premium allocation, IBNR calculation, expense allocation, and business forecasting.
An accounting rules engine that ensures the integrity of financial accounts, manages accounting journals, and supports different time zones and multiple ledgers.
A reporting data layer and visualisation dashboard displaying data progression, offering granularity for business performance understanding, and facilitating a seamless transition from management to statutory to reconciled regulatory data submission.
Consolidated financial data from over 750 Excel worksheets into a central database enhancing accessibility and reducing errors.
Consolidation of data across all funds, enabled analysis and reporting on separate or combined fund performance.
Reduced manual data handling, allowing the finance team to focus on strategic analysis and reporting.
Simplified integration was evident when two new funds were introduced during the project demonstrating the system’s adaptability and elimination of extensive configuration.
Reduced manual data handling, allowing the finance team to focus on strategic analysis and reporting.
Multi-level data could be analysed, from individual contacts to fund performance, improving decision making.
As our funds under management continued to grow last year, using complex spreadsheets to calculate and report on key finance data quickly became unsustainable. With minimal configuration, Phinsys systems have brought our finance data into a single location, automated previously manual processes, and enabled rapid, detailed analysis, audit and financial reporting on a per-fund or combined basis. All of this means we can quickly and efficiently onboard new funds as we scale our business further.
